Government Review need for Capital Allowances!

In 2017 The Chancellor of the Exchequer tasked the OTS (Office for Tax simplification) to review the need for Capital Allowances, and whether we should change to using Accounting depreciation when Simplifying tax relief for tangible fixed assets? Their report was published a couple of weeks ago. Having sought consultation from a number of different stakeholders, the OTS concluded that:- “If we were designing a system to give relief for capital expenditure of this kind from scratch, depreciation could work perfectly well and would make a lot of sense. However, our analysis has shown that the undoubted simplification benefits would not be worth the disruption of the wholesale upheaval involved. As only 30,000 businesses claim capital allowances in amounts exceeding the level of the Annual Investment Allowance, we consider that the focus should be on improving the existing system.” In short, Capital Allowances are here to stay. Contact Arthur to...
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Make a huge tax saving, no win no fee

  The 2015/16 tax year has just closed, if you paid tax, or are going to pay tax in January, make a huge tax saving with Capital Allowances on your property. No Claim, No Fee! Working alongside your accountant. Just Do Property are excited to be working with Exact, our Capital Allowances partner. Click here now to email for more information. They have a... 100% HMRC success record They saved Mr Briggs £165,935 in tax on his building in London. Their experience and longevity in this field makes EXACT the natural choice for your property tax services.  We love that they offer... No claim, no fee! All Commercial properties (Offices / retail / industrial) Serviced Accommodation, B&B's, Hotels Holiday Lets Residential mixed use / Blocks of flats   Why choose them? Transparent - clear free illustrations for you to review with your accountant in your own time, with No claim, no...
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Barrister loses DIY tax scheme case

   The following is an article published in the ‘The Law Society Gazette’ on 12 April 2013 by Catherine Baksi. It highlights the fact that spurious tax avoidance schemes are looked at in detail and challenged by HMRC. Fortunately CAPITAL ALLOWANCES do not fall into this category as they are legislated for under the Capital Allowances Act 2001. As EXACT follow all of the HMRC rules and guidance on this tax relief, you can be assured of a successful claim. “A former London tax barrister who designed his own tax avoidance scheme has lost his tribunal appeal against HM Revenue & Customs. He was attempting to avoid paying £190,000 in tax. Rex Bretten QC designed a complex scheme which entailed setting up trusts and investing £500,000 in discounted securities. He claimed his scheme created a loss of £475,000, which he could set against his income. Bretten practised from Tax Chambers at 15...
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